Next week will be an interesting week with all the fundamental news going on about Greece especially for the Euro and the Dollar.But on the technical standpoint,here are some of the levels that we should be watching going forward as they may prove critical come Monday and the days to follow.
The EURUSD is right at the 61.8 Fibonacci line with a trend line cross that may signify that the bearish trend my come to halt or a break may signify further weakness.The pair has already gone past the 200 moving average and is on a very strong bearish trend after forming some lower highs and is now forming lower lows moving forward.Will be watching how it all pens out especially with the fundamentals coming out of Greece and the Euro zone at large.
Cable has also lost ground significantly and is resting at the 61.8% fib level that previously saw a pin bar form on the 12th of July and may be an area of interest. The US however seems to be strengthening and may continue its onslaught against the Pound that may be caught up in the European troubles.I will be waiting to see how the whole situation pens out come next week before i can make a decision.Happy trading to all and make sure you do your own analysis.
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